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TAJBank Sets New Record, Pays Dividend in First Three Years

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By Tony Obiechina, Abuja

TAJBank Limited, Nigeria’s fast-growing and technology-driven non-interest banking services provider, has set a new record in the nation’s banking system with the payment of dividend to its shareholders just three years of its operations.

Recall that TAJBank made history early this year as the first corporate entity in Nigeria to list Sukuk Bond on the Nigerian Exchange Limited (NGX) after the successful issuance.

Available data on banking industry’s audited financial reports indicated that no bank had achieved such a remarkable feat in the over 100 years of the sector’s history.

Addressing the shareholders at the meeting, the Board chairman, Alhaji Tanko Isiaku Gwamna, recounted the global economic whirlwinds in the past two years as well as the macroeconomic developments in the nation’s economic space, especially the surging inflation rate, with the attendant negative impacts on businesses.

Gwamna maintained that despite the inclement operating environment, the Board and management of the bank were able, through innovation and proactive strategies, to sustain TAJBank on the path of sustainable growth and financial stability for the benefits of the shareholders and Nigeria’s economy.

On the dividend issue, he said: “On behalf of the Board, I am pleased to inform our shareholders that we have recommended a scrip dividend payment of 1 share for every 10 shares, subject to shareholders’ approval. We remain committed to promoting business expansion and success while making sure that a sizeable amount of our profits is set aside for you.”

In his report, the bank’s Managing Director/CEO, Mr. Hamid Joda, described the FY 2022 as a significant milestone in the journey of the non-interest lender despite the headwinds that characterized the operating environment as the management was able to deliver on key strategic goals through relentless execution, backed by a positive culture and delivery on high-impact projects.

On the bank’s financial performance in FY 2022, Joda reported that TAJBank recorded remarkable growth across key indices during the year as its balance sheet grew by over 93% from N110 billion recorded in FY 2021 to N212 billion while its Profit Before Tax (PBT) also surged from N1.6 billion in FY 2021 to N5.081 billion in 2022 financial year.

He also told the excited shareholders that the bank’s earnings per share grew by 138% to N31.27 kobo in FY 2022 compared to N13.11 kobo recorded in FY 2021.

On the plans to further grow the bank in the years ahead, Joda, the award-winning banker, said: “In our relentless effort to promote non-interest products and modes of banking nationwide, the Board and management of TAJBank have set key objectives for the year 2023 and beyond.

“These initiatives include, inter alia, to promote financial inclusion by leveraging various channels and touchpoints, especially our electronic platforms with the aim of reaching out to the unbanked populace; and to be recognized as the market leader in the non-interest banking industry in Nigeria.

“We also plan to open 110 branches/business offices across state capitals/major commercial centers before 2024 and to offer non-interest banking products and services to underserved markets; to grow our agency network to 100,000 active agents by 2025 thereby reducing the financial exclusion rate; to grow our customer base to at least four million by 2027; and to achieve a minimum customer satisfaction score of 85%”, he added.

Speaking to journalists shortly after the AGM, a leading financial expert and an Independent Non-Executive Director of the bank, Alhaji Tata Shekaru Omar, lauded the Board and Management for innovatively positioning TAJBank at the leading edge of competition in the nation’s increasingly dynamic financial services market.

“TAJBank is just barely four years of age and that it was able to make profit in its first year of operation is great and cheery news for all its stakeholders. I want to say kudos to the MD and the entire team for such a feat, especially that the bank is now giving out dividends to shareholders.

“TAJBank deserves the congratulations it is getting as an institution because it has achieved a lot and this needs to be commended. The bank has continued to make great strides and now it is even expanding in terms of branches. TAJBank continues to make a statement that non-interest banking is here to stay and the way to go,” he added.

Business News

Budget Office Defends Tax Reform Acts, Seeks Due Process

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By Tony Obiechina, Abuja 

The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.

In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.

According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.

However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.

The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.

On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.

The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.

 At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.

From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.

To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.

Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.

“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.

The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.

The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.

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Tinubu Congratulates Dangote on World Bank Appointment

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By Jennifer Enuma, Abuja

President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.

In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.

The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.

Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.

“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.

The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.

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Business Analysis

Nigeria Customs Generates over N1.75trn Revenue in 2025

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By Joel Oladele, Abuja

The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.

The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.

According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.

“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.

I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.

He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.

The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.

Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.

 “I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.

“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase  compared  to  the  same  period  in  2024,  where  we  collected N1,347,705,251,658.31.

“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.

In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.

He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.

“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.

Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.

Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.

Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.

“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.

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